Kvartalsrapport Q3 2025

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===== SIDA 1 =====

Financial overview 
SEK M Q3 2025 Q3 2024 Change, % Q1-Q3 2025 Q1-Q3 2024 Change, %
Order intake, rolling 12 months 1 18,665 19,646 -5 – – –
Organic growth, rolling 12 months  1, % -1 -8 – – – –
Revenues 4,222 4,498 -6 14,136 14,597 -3
Organic growth, % 0 3 – 1 0 –
Adjusted operating profit (EBIT) 197 314 -37 1,191 1,360 -12
Margin, % 4.7 7.0 – 8.4 9.3 –
Operating profit (EBIT) 127 290 -56 923 1,105 -16
Profit for the period 85 237 -64 683 925 -26
Adjusted earnings per share, diluted, 
SEK 0.56 1.02 -45 3.56 4.49 -21
Earnings per share, diluted, SEK 0.34 0.95 -64 2.72 3.69 -26
Free operating cash flow 285 411 -31 678 1,064 -36
Net debt/Equity ratio -0.02 -0.03 – -0.02 -0.03 –
Notes to the reader:  1) Order intake in the quarter refers to the rolling 12-month period. Adjusted operating profit (EBIT) excludes items affecting comparability 
(IAC) and metal price effects, see Note 5 and the description of Alternative Performance Measures on page 26 for further details. Definitions and glossary can be 
found on www.alleima.com/investors. Tables and calculations in the report do not always agree exactly with the totals due to rounding. Comments refer to  
performance in the quarter and comparisons refer to the corresponding period last year, unless otherwise stated.  
Q3
2025 
Interim report
 – Order intake for the rolling 12-month period decreased by 
5% to SEK 18,665 million (19,646), with organic growth of -1%.
 – Revenues decreased by 6% to SEK 4,222 million (4,498), 
with organic growth of 0%.
 – Adjusted operating profit (EBIT) amounted to SEK 197 million 
(314), with a margin of 4.7% (7.0), and included currency effects 
of SEK -41 million compared with the year-earlier period.
 – Operating profit (EBIT) totaled SEK 127 million (290), with a 
margin of 3.0% (6.5), and included metal price effects of 
SEK -70 million (-24).
 – Adjusted earnings per share, diluted, was SEK 0.56 (1.02).
 –  Earnings per share, diluted, was SEK 0.34 (0.95).
 – Free operating cash flow amounted to SEK 285 million (411).
Consistent strategy execution in 
a challenging market environment

===== SIDA 2 =====

"Our diversified exposure, 
alongside our balance sheet, 
is a strength in the prevailing 
market environment“
Market conditions
Our diversified exposure continues to contribute positively in 
a quarter characterized by mixed market conditions. Activity 
levels in key segments, such as Oil and Gas and Nuclear in the 
Tube division, and Medical in the Kanthal division, remained 
high. Demand in the Strip division remained at a favorable level.
The generally cautious attitude among customers, especially 
in Europe, has persisted, reinforced by trade policy turbulence. 
This is particularly noticeable in the Industrial as well as 
Chemical and Petrochemical segments, where customers 
are holding off on their investment decisions. At the same 
time, the previously weak performance for the Industrial 
Heating segment in Kanthal has now leveled off, and we noted 
an upturn from low levels.
Order intake for the rolling 12-month period amounted to SEK 
18,665 million (19,646) and organic growth was -1%.
Earnings impacted by extended maintenance stoppage
Revenues amounted to SEK 4,222 million (4,498), with organic 
growth of 0%. The Medical segment continued its strong 
performance, while we were negatively affected by customers’ 
cautious stance in the Industrial and Chemical and Petrochemical 
segments in Europe.
Adjusted EBIT totaled SEK 197 million (314), with a margin of 
4.7% (7.0), impacted by a weaker Europe and the extended 
maintenance stoppage over the summer at one of the largest 
production units in Sandviken, Sweden. Earnings also 
included a currency headwind of SEK -41 million compared to 
the year-earlier period.
Free operating cash flow for the quarter amounted to SEK 285 
million (411), impacted by a lower operating profit and
increased investments.
Measures for increased efficiency
We are continuously working to adapt capacity and costs to 
prevailing market conditions. We are now also initiating a number 
of targeted measures to further strengthen our operational 
efficiency and long-term competitiveness. The majority of these 
measures aim to permanently reduce cost levels, including 
through restructuring, while others form a natural part of our 
continuing efforts. 
In total, we estimate that the measures will generate cost 
savings of just over SEK 200 million per year. At the same time, 
we assess that non-recurring costs related to the restructuring 
activities will amount to nearly SEK 400 million, of which 
approximately half will affect cash flow. Most of these costs will 
impact earnings in the fourth quarter.
Strong finances enable consistent strategy execution
I regard the fact that we are a cash-generating company in 
times like these, with an already strong balance sheet, as a 
strength. This allows us, even in softer market conditions, to 
continue to execute on our strategy, while also allowing us to 
remain disciplined in our order bookings going forward to 
ensure price leadership.
We are also continuing as planned with our ongoing growth 
initiatives in the Medical, Industrial Heating, Nuclear and 
Chemical and Petrochemical segments. These efforts, alongside 
our strong financial position and strategic direction, mean that 
we are well positioned to leverage opportunities, even in 
challenging market conditions. With a focus on long-term value 
creation, we stand firm in our ambition of delivering sustainable 
and profitable growth.
Göran Björkman, President and CEO
CEO’s comment 
Alleima Q3  
January 1 –September 30, 2025
2

===== SIDA 3 =====

Market development 
 – Demand in the Oil and Gas  segment remained good.
 – Demand in the Chemical and Petrochemical segment 
declined, driven primarily by Europe. Demand in Asia was at 
a good level, while demand In North America remained at a 
low level.
 –  Demand in the  Industrial segment declined, mainly in 
Europe. Demand in Asia remained good, albeit somewhat 
more hesitant. In North America, demand remained at a low 
level.
 – Demand in the Industrial Heating segment increased 
slightly from low levels.
 – Demand in the  Consumer segment continued to grow,      
driven primarily by the white goods industry.
 – Demand in the Medical segment continued to grow from a 
high level.
 –  Demand in the Mining and Construction segment was sta-
ble overall, driven by the mining industry and with somewhat 
weaker demand related to the construction industry.
 – Demand in the Nuclear  segment continued to strengthen.
 – Demand in the Transportation  segment strengthened.
 – Demand in the Hydrogen and Renewable Energy  segment 
was mixed, but declined overall.
Market development and outlook
Outlook for the fourth quarter 2025
The general economic situation remained uncertain in the 
third quarter, and given the changing landscape of global 
trade policy, uncertainty about future developments persists. 
Our backlog is solid in several key segments where we have 
good visibility in our near-term deliveries. At the same time, 
challenges were noted in other customer segments and geo -
graphies, particularly in Europe and North America, which may 
impact near-term deliveries. The product mix is expected to be 
similar to that of the third quarter.
 
Non-recurring costs of approximately SEK 400 million related to 
restructuring activities are expected to arise in the fourth quarter, 
with the cash flow effects anticipated primarily during the first half 
of 2026. Some effects from a delayed ramp-up following the main-
tenance stoppage are expected to occur in the fourth quarter. On 
the basis of the exchange rates in late September 2025, a currency 
headwind is expected in the fourth quarter, see more information 
on page 10 and in the 2024 Annual Report. Cash flow is normally 
higher in the second half of the year compared with the first half.
Perception underlying market demand
OIL AND GAS
CHEMICAL AND 
PETROCHEMICAL INDUSTRIAL
INDUSTRIAL  
HE ATING CONSUMER
Year on year  
underlying  
demand trend → ↘ ↘ → ↗
% of Group 
 revenues 2024 23% 17% 17% 11% 8%
MEDICAL
MINING AND 
CONSTRUCTION NUCLEAR TRANSPORTATION
HYDROGEN AND 
RENEWABLE 
ENERGY
Year on year  
underlying  
demand trend ↗ → ↗ → ↘
% of Group 
 revenues 2024 6% 6% 6% 5% 1%
Note: Comments refer to year on year market development in the quarter, unless otherwise stated. Comments regarding market development and outlook are based 
on the company's current perceptions about the underlying demand, and are not based on order intake in isolated quarters. 
Alleima Q3  
January 1 –September 30, 2025
3

===== SIDA 4 =====

Order intake for the rolling 12-month period decreased by 5% 
to SEK 18,665 million (19,646), with organic growth of -1%. 
Growth was noted particularly in the Nuclear and Medical 
segments, and negative growth was noted in the Chemical 
and Petrochemical segment.
Revenues decreased by 6% to SEK 4,222 million (4,498), with 
organic growth of 0%. The Tube division noted organic 
growth of -3%, while Kanthal and Strip posted organic growth 
of 7% and 5%, respectively.
Book-to-bill was 97% for the rolling 12-month period.
Order intake and revenues
Growth bridge
SEK M
Order intake,  
R12
Revenues,  
Quarter
Q3 2024 19,646 4,498
Organic, % -1 0
Structure, % 0 0
Currency, % -2 -4
Alloys, % -2 -2
Total growth, % -5 -6
Q3 2025 18,665 4,222
Change compared to the corresponding quarter last year. The table is  
multiplicative, i.e. the different components must be multiplied to determine 
the total effect.
0%
Organic revenue growth in the quarter
Organic revenue growthRevenues
Quarter
SEK M
% Quarter
%
Order intake
Rolling 12 months  
SEK M
0
20
40
60
80
100
120
0
1,000
2,000
3,000
4,000
5,000
6,000
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
Revenues
Book-to-bill R12, %
0
5,000
10,000
15,000
20,000
25,000
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
-4
0
4
8
12
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
Alleima Q3  
January 1 –September 30, 2025
4

===== SIDA 5 =====

Gross profit decreased by 18% to SEK 704 million (861), with a 
gross margin of 16.7% (19.1). This development was attributable 
mainly to changing metal prices, negative currency effects and 
an extended maintenance stoppage. Sales, administrative and 
R&D costs amounted to SEK -579 million (-570).
Adjusted EBIT totaled SEK 197 million (314), corresponding to a 
margin of 4.7% (7.0), driven primarily by the extended mainte -
nance stoppage and negative currency effects. Exchange 
rates had a negative impact of SEK 41 million on EBIT and 0.7 
percentage points on the margin, compared with the 
year-earlier period. Depreciation and amortization amounted 
to SEK -230 million (-224).
Reported EBIT amounted to SEK 127 million (290), with a margin of 
3.0% (6.5). Metal price effects had an impact of SEK -70 million (-24).
Net financial items were SEK 6 million (0). The change was driven 
primarily by revaluations of financial derivative contracts.
The reported tax rate was 36.0% (18.4) in the quarter. The nor-
malized tax rate was 24.1% (23.7) for the first nine months.
Adjusted profit for the period amounted to SEK 141 million (256) 
and adjusted earnings per share, diluted, amounted to SEK 
0.56 (1.02). Profit for the period amounted to SEK 85 million (237), 
corresponding to earnings per share, diluted, of SEK 0.34 (0.95). 
See page 27 for more information.
SEK M Adjusted EBIT
Q3 2024 314
Organic -78
Currency -41
Structure 2
Q3 2025 197
 
Change compared to the corresponding quarter last year. 
4.7%
Earnings
Quarter  
SEK M 
Adjusted EBIT margin
%
Adjusted EBIT
Cash flow and  
financial position
Net debt to Equity
Quarter, Ratio
-0.02x
Quarter %
Net working capital
Capital employed excluding cash  increased to SEK 16,274 
million (15,720). Return on capital employed excluding cash 
decreased to 8.1% (9.9).
Net working capital amounted to SEK 6,541 million (6,884), 
and declined compared with the preceding quarter.
Net working capital in relation to revenues was 39.5% (38.8).
Capex amounted to SEK -289 million (-249). The increase was 
mainly driven by ongoing investments.
Net debt amounted to SEK -362 million (-410), i.e. a net cash 
position. The net debt to equity ratio was -0.02x (-0.03). The 
financial net debt was SEK -1,530 million (-1,779). Available 
credit facilities were unutilized at the end of the third quarter. 
The net pension liability decreased year-on-year to SEK 735 
million (938). Net debt in relation to rolling 12-month adjusted 
EBITDA corresponded to -0.13x (-0.14).
Free operating cash flow  amounted to SEK 285 million (411). 
The lower cash flow year-on-year was attributable primarily to 
lower operating profit and increased growth investments.
Free operating cash flow
SEK M
Q3 
 2025
Q3  
2024
Q1-Q3  
2025
Q1-Q3  
2024
EBITDA 357 514 1,613 1,779
Non-cash items 103 77 55 96
Changes in working capital 147 105 -141 -112
Capex -289 -249 -745 -602
Amortization, lease liabilities -33 -36 -104 -98
Free operating cash flow 1 285 411 678 1,064
 
1) Free operating cash flow before acquisitions and disposals of companies, 
net financial items and paid taxes.
Quarter  
SEK M 
0
2
4
6
8
10
12
0
100
200
300
400
500
600
700
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
EBIT, adj.
EBIT margin, adj. R12
0
5
10
15
20
25
30
35
40
45
50
5,000
5,500
6,000
6,500
7,000
7,500
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
NWC
NWC % of revenues
Alleima Q3  
January 1 –September 30, 2025
5

===== SIDA 6 =====

Order intake and revenues
	– Order	intake	for	the	rolling	12-month	period	decreased	by	
10%	to	SEK	12,793	million	(14,232),	with	organic	growth	of	
-6%.	The	development	was	mainly	attributable	to	the	
lower	order	intake	in	the	Chemical	and	Petrochemical	and	
Industrial 	segments.
	– Revenues	in	the	quarter	decreased	by	9%	to	SEK	2,812	million	
(3,077),	with	organic	growth	of	-3%.	This	development	was	
attributable	primarily	to	the	extended	maintenance 	
stoppage	and	a	weak	market	in	Europe.
	– 	 Book-to-bill	was	93%	for	the	rolling	12-month	period.
Earnings
	– 	 Adjusted	EBIT	totaled	SEK	101	million	(202),	corresponding	
to	a	margin	of	3.6%	(6.6),	driven	primarily	by	reduced	
revenues	from	Europe	and	underabsorption	as	a	result	of	
the	extended	maintenance	stoppage.
	– EBIT	amounted	to	SEK	53	million	(179)	and	included	metal	
price	effects	of	SEK	-48	million	(-23).
	– Changes	in	exchange	rates	had	a	negative	impact	of	 	
SEK	16	million	compared	with	the	year-earlier	period.
	– Depreciation 	and	amortization 	amounted	to		
SEK	-176	million	(-177).
Tube	develops	and	manufactures	seamless	tubes	and	other	long	products	in	advanced	stainless	steels	and	special	alloys	used	primarily	in	the	customer	 	
segments	of		Oil	and	Gas,	Chemical	and	Petrochemical,	Industrial,	Mining	and	Construction,	Nuclear	and	Transportation.	The	offering	also	includes	 	
products	and	solutions	for	the	Hydrogen	and	Renewable	Energy	segment.
Tu be
SEK M
Order intake  
R12
Revenues  
Q
Adj. EBIT  
Q
Q3 2024 14,232 3,077 202
Organic -6% -3% -85
Structure 0% 0% 0
Currency -2% -3% -16
Alloys -2% -3% N/A
Total	growth -10% -9% -102
Q3 2025 12,793 2,812 101
	
Change	compared	to	same	period	last	year.		For	order	intake	and	revenues,	
the	table	is	multiplicative,	i.e.	the	different	components	must	be	multiplied	to	
determine	the	total	effect.
SEK M
Q 3   
2025
Q3 
2024
Change 
%
Q1-Q3 
2025
Q1-Q3 
2024
Change 
%
Order	intake,
R12	1 12,793 14,232 -10 – – –
Organic growth,  
R12	1, % -6 -9 – – – –
Revenues 2,812 3,077 -9 9,974 10,314 -3
Organic growth,  
% -3 3 – 1 1 –
Adjusted	EBIT 101 202 -50 898 965 -7
Margin, % 3.6 6.6 – 9.0 9.4 –
EBIT 53 179 -70 681 757 -10
Margin, % 1.9 5.8 – 6.8 7.3 –
Total	workforce	 2 4,586 4,630 -1 4,586 4,630 -1
1)	Order	intake	in	the	quarter	refers	to	the	rolling	12-month	period.	 	
2)	Total	workforce	includes	employees	and	third-party	workers	and	is	based	
on	full-time	equivalents.
Adjusted EBITRevenues
Revenues per customer segment, 2024 
SEK	M SEK	M% %
Oil	&	Gas
Chemical	&	Petrochemical
Industrial
Mining	&	Construction
Nuclear
Transportation
Hydrogen	and	Renewable	Energy
Medical
Industrial	heating
0
20
40
60
80
100
120
140
0
1,000
2,000
3,000
4,000
5,000
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
Revenues
Book-to-bill R12, %
0
2
4
6
8
10
12
0
100
200
300
400
500
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
EBIT, adj.
EBIT margin, adj. R12
Alleima	Q3 			
January	1	–	September	30,	2025
6

===== SIDA 7 =====

Order intake and revenues
	– 	 Order	intake	for	the	rolling	12-month	period	increased	by	
4%	to	SEK	4,162	million	(3,986),	with	organic	growth	of	9%.	
The	Medical	segment	continued	to	show	solid	order	intake,	
and	order	intake	in	the	Industrial	Heating	segment	increa -
sed	slightly	from	lower	levels.
	– 	 Revenues	in	the	quarter	decreased	by	1%	to	SEK	1,042	million	
(1,049),	with	organic	growth	of	7%.	The	development	was	
mainly	attributable	to	higher	revenues	in	the	Medical	and	
Industrial	Heating	segments.
	– 	 Book-to-bill	was	104%	for	the	rolling	12-month	period.
Earnings
	– Adjusted	EBIT	totaled	SEK	168	million	(174),	corresponding	
to	a	margin	of	16.1%	(16.6).	The	development	was	mainly		
attributable	to	negative	currency	effects.
	– 	 EBIT	amounted	to	SEK	152	million	(168)	and	included	metal	
price	effects	of	SEK	-16	million	(-5).
	– 	 Changes	in	exchange	rates	had	a	negative	impact	of		
SEK	20	million	compared	with	the	year-earlier	period.
	– 	 Depreciation	and	amortization 	amounted	to		
SEK	-35	million	(-28).
Kanthal	is	a	provider	of	products	and	services	in	the	area	of	industrial	heating	technology	and	resistance	materials,	and	also	offers	ultra-fine	wire	in	stainless	
steel	for	use	in	medical	appliances.	The	customers	are	primarily	in	the	segments	Industrial	Heating,	Consumer,	Medical	and	Industrial.	
Kanthal
SEK M
Order intake  
R12
Revenues  
Q
Adj. EBIT  
Q
Q3 2024 3,986 1,049 174
Organic 9% 7% 12
Structure 1% 2% 2
Currency -3% -7% -20
Alloys -2% -2% N/A
Total	growth 4% -1% -6
Q3 2025 4,162 1,042 168
	
Change	compared	to	same	period	last	year.	For	order	intake	and	revenues,	
the	table	is	multiplicative,	i.e.	the	different	components	must	be	multiplied	to	
determine	the	total	effect.
SEK M
Q3 
2025
Q3 
2024
Change
%
Q1-Q3 
2025
Q1-Q3 
2024
Change
%
Order	intake,
R12	1 4,162 3,986 4 – – –
Organic growth,  
R12	1, % 9 -8 – – – –
Revenues 1,042 1,049 -1 3,015 3,201 -6
Organic growth,  
% 7 -3 – -2 -2 –
Adjusted	EBIT 168 174 -4 496 569 -13
Margin, % 16.1 16.6 – 16.5 17.8 –
EBIT 152 168 -10 463 524 -12
Margin, % 14.6 16.1 – 15.3 16.4 –
Total	workforce	 2 1,471 1,419 4 1,471 1,419 4
1)	Order	intake	in	the	quarter	refers	to	the	rolling	12-month	period.	 	
2)Total	workforce	includes	employees	and	third-party	workers	and	is	based	
on	full-time	equivalents.
 Adjusted EBIT  Revenues
SEK	M SEK	M %%
Revenues per customer segment, 2024
Industrial	Heating
Medical
Consumer
Industrial
Transportation
0
20
40
60
80
100
120
0
200
400
600
800
1,000
1,200
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
Revenues
Book-to-bill R12, %
0
2
4
6
8
10
12
14
16
18
20
0
50
100
150
200
250
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
EBIT, adj.
EBIT margin, adj. R12
Alleima	Q3 			
January	1	–	September	30,	2025
7

===== SIDA 8 =====

Order intake and revenues
	– Order	intake	for	the	rolling	12-month	period	increased	by	
20%	to	SEK	1,710	million	(1,428),	with	organic	growth	of	24%,	
driven	by	a	positive	development	in	all	segments.
	– Revenues	in	the	quarter	decreased	by	1%	to	SEK	368	million	
(372),	with	organic	growth	of	5%.	Revenues	increased	in	all	
segments	except	Hydrogen	and	Renewable	Energy.
	– 	 Book-to-bill	was	112%	for	the	rolling	12-month	period.
Earnings
	– Adjusted	EBIT	totaled	SEK	-16	million	(-7),	corresponding	to	a	
margin	of	-4.2%	(-1.9).	The	development	was	attributable	pri-
marily	to	a	currency	headwind	and	some	productivity	issues.
	– 	 EBIT	amounted	to	SEK	-22	million	(-2)	and	included	metal	
price	effects	of	SEK	-7	million	(5).
	– 	 Changes	in	exchange	rates	had	a	negative	impact	of		
SEK	4	million	compared	with	the	year-earlier	period.
	– 	 Depreciation	and	amortization 	amounted	to		
SEK	-13	million	(-12).
Strip	develops	and	manufactures	a	wide	range	of	precision	strip	steel	products	and	also	offers	pre-coated	strip	steel	for	one	of	the	most	critical	 	
components	in	the	hydrogen	fuel	cell	stack	–	the	bipolar	plates.	The	customers	are	in	the	segments	consumer,	industrial,	transportation,	hydrogen	 	
and	renewable	energy	as	well	as	medical.
Strip
SEK M
Order intake  
R12
Revenues  
Q
Adj. EBIT  
Q
Q3 2024 1,428 372 -7
Organic 24% 5% -4
Structure 0% 0% 0
Currency -2% -5% -4
Alloys -2% -1% N/A
Total	growth 20% -1% -8
Q3 2025 1,710 368 -16
	
Change	compared	to	same	period	last	year.	For	order	intake	and	revenues,	
the	table	is	multiplicative,	i.e.	the	different	components	must	be	multiplied	to	
determine	the	total	effect.
SEK M
Q3 
2025
Q3 
2024
Change
%
Q1-Q3 
2025
Q1-Q3 
2024
Change
%
Order	intake,
R12	1 1,710 1,428 20 – – –
Organic growth,  
R12	1, % 24 11 – – – –
Revenues 368 372 -1 1,147 1,083 6
Organic growth,  
% 5 16 – 10 -5 –
Adjusted	EBIT -16 -7 -117 21 42 -52
Margin, % -4.2 -1.9 – 1.8 3.9 –
EBIT -22 -2 – 4 41 -90
Margin, % -6.1 -0.5 – 0.4 3.8 –
Total	workforce	 2 531 499 7 531 499 7
1)	Order	intake	in	the	quarter	refers	to	the	rolling	12-month	period.	 	
2)	Total	workforce	includes	employees	and	third-party	workers	and	is	based	
on	full-time	equivalents.
 Adjusted EBITRevenues
SEK	M SEK	M %%
Revenues per customer segment, 2024
Consumer
Industrial
Transportation
Hydrogen	&	Renewable	Energy
Medical
0
20
40
60
80
100
120
140
0
100
200
300
400
500
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
Revenues
Book-to-bill R12, %
-2
2
6
10
-20
0
20
40
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
EBIT, adj.
EBIT margin, adj. R12
Alleima	Q3 			
January	1	–	September	30,	2025
8

===== SIDA 9 =====

Sustainability 
Sustainability recognitions
During	the	quarter,	Alleima	was	once	again	awarded	a	gold	
medal	by	EcoVadis	for	its	sustainability	efforts,	placing	the	
company	among	the	top	five	percent	of	over	150,000	
assessed	companies	globally.	This	recognition	confirms	
the	company’s	long-term	commitment	to	responsible				
production	and	sustainable	development.	In	addition,		
Alleima’s	climate	targets	have	been	validated	by	the	Science	
Based	Targets	initiative	(SBTi),	meaning	the	goals	are	aligned	
with	the	latest	climate	science	and	international	agreements.	
Together,	these	advances	represent	important	milestones	in	
Alleima’s	efforts	to	increase	customer	value	by	reducing	its	
climate	impact	and	strengthening	sustainability	throughout	
the	value	chain.
Making an impact through our operations
	– The	total	recordable	injury	frequency	rate	(TRIFR)	for	the	
rolling	12-month	period	was	5.3	(6.9).	TRIFR	in	the	quarter	
was	5.9	(7.1).
	– Share	of	recycled	steel,	i.e.	scrap	metal	input	in	steel	
manufacturing	for	the	rolling	12-month	period,	was	80.7%	
(80.6%).	The	share	for	the	quarter	totaled	80.8%	(81.0).
	– CO₂	emissions	for	the	rolling	12-month	period	amounted	
to	88	kton	(94),	corresponding	to	a	reduction	of	6%.	CO₂	
emissions	during	the	quarter	amounted	to	17	kton	(16),	
corresponding	to	an	increase	of	6%.
	– The	sustainable	product	portfolio1	as	a	share	of	total	
revenues	amounted	to	23.8%	(24.2)	for	the	rolling	
12-month	period.
1)	Sustainable	product	portfolio	includes	the	Hydrogen	and	Renewable	
Energy	segment	(hydrogen	gas,	CCS,	biofuels,	solar,	wind	and	geothermal	
energy),	products	in	the	Nuclear,	Industrial	Heating	and	Medical	segments,	
and	compressor	valve	steel	in	the	Consumer	segment.
	
Definitions	and	glossary	can	be	found	at	 	
www.alleima.com/investors.
Sustainability overview 
Q3
2025
Q3
2024
Change, 
%
R12,  
Q3 2025
R12,  
Q3 2024
Change, 
%
TRIFR	2	 5.9 7.1 -17 5.3 6.9 -23
Recycled	steel,	
% 80.8 81.0 0 80.7 80.6 0
CO2	emissions,
thousand	tons 17 16 6 88 94 -6
Sustainable 	
product	port -
folio,	share	of	
revenues,	% - - - 23.8 24.2 -2
2)		Total	recordable	injury	frequency	rate.	
Alleima’s	strategy	includes	being	a	market	leader	in	sustainability,	contributing	to	increased	circularity	and	supporting	general	health	and	well-being	through	
both	our	product	offering	and	our	operations.	Developing	a	sustainable	product	offering,	combined	with	several	initiatives	to	reduce	the	overall	environmental	
impact	of	the	production	process,	are	some	of	the	most	important	success	factors.
Sustainable product portfolio Recycled steel CO2 emissionsHealth and safety 
No.	of	
injuries
%,	
R12
Thousand 		
tons
Frequency	rate,	
R12
Thousand 		
tons, 	R12
%,	
R12
0
4
8
12
0
5
10
15
20
25
30
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
TRI TRIFR, R12
82
84
86
88
90
92
94
96
98
0
5
10
15
20
25
30
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
Scope 2
Scope 1 - fuels
Scope 1 - raw materials based
Total CO₂ emissions, R12
21
22
23
24
25
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
Share of revenues, R12 %
76
78
80
82
84
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
Recycle rate, R12 %
Alleima	Q3 			
January	1	–	September	30,	2025
9

===== SIDA 10 =====

Significant events
Guidance and financial targets
During the quarter
	– No	significant	events	were	announced	during	the	quarter.
After the quarter
	– Alleima	has	initiated	targeted	measures	to	permanently	
reduce	cost	levels	and	thereby	strengthen	operational	efficiency	
and	long-term	competitiveness.	The	measures	are	expected	
to	generate	cost	savings	of	just	over	SEK	200	million	annually.	
At	the	same	time,	one-off	costs	related	to	the	measures 	are	
estimated	to	amount	to	nearly	SEK	400	million,	of	which 	
approximately	half	will	affect	cash	flow.	Most	of	these	costs	
will	impact	earnings	in	the	fourth	quarter.
	– On	October	16,	it	was	announced	that	Christian	Swartling	
has	been	appointed	EVP	and	General	Counsel.
Guidance  
Guidance	relating	to	certain	non-operational	key	figures	considered	useful	when	modeling	financial	outcome	is	provided	below:
Capex	(Cash)	(full	year) Estimated	at	approximately	SEK	1,200	million	for	2025.
Currency	effects	(quarterly)
Based	on	currency	rates	at	the	end	of	September	2025,	it	is	estimated	that	transaction	and	 	
translation	currency	effects	will	have	a	negative	impact	of	about	SEK	150	million	on	operating	profit	
(EBIT)	for	the	fourth	quarter	of	2025,	compared	to	the	corresponding	period	last	year.
Metal	price	effects	(quarterly)
In	view	of	currency	rates,	inventory	levels	and	metal	prices	at	the	end	of	September	2025,	it	is	 	
estimated	that	there	will	be	a	neutral		impact	on	operating	profit	(EBIT)	for	the	fourth	quarter	of	2025.
Tax	rate,	normalized	(full	year) Estimated	at	23-25%	for	2025.
Financial targets
Alleima	has	four	long-term	financial	targets:
Organic	growth	 Deliver	profitable	organic	revenue	growth	in	line	with	or	above	growth	in	targeted	end-markets	 	
over	a	business	cycle.
Earnings Adjusted	EBIT	margin	(excluding	metal	price	effects	and	items	affecting	comparability)	 	
to	average	above	9%	over	a	business	cycle.
Capital	structure A	net	debt	to	equity	ratio	below	0.3x.
Dividend 	policy
Dividend	on	average	50%	of	net	profit	(adjusted	for	metal	price	effects)	over	a	business	cycle.	
Dividend	to	reflect	financial	position,	cash	flow	and	outlook.
Alleima	Q3 			
January	1	–	September	30,	2025
10

===== SIDA 11 =====

First nine months
Market development and revenues
	– During	the	first	nine	months	of	the	year,	market	perfor -
mance	was	mixed.	Demand	in	mainly	the	Nuclear,	Medical	
and	Consumer	segments	remained	high	and	increased	
compared	with	the	corresponding	period	last	year.	
Demand	in	Oil	and	Gas	remained	stable	at	a	high	level.	
Demand	in	the	short-cycle	business,	mainly	related	to	
low-refined	products	in	the	Industrial	and	Chemical	and	
Petrochemical	segments,	declined.	Demand	in	the	Indu -
strial	Heating	segment	was	stable	at	a	low	level.
	– Revenues	decreased	by	3%	to	SEK	14,136	million(14,597),	
with	organic	growth	of	1%.	The	Tube	and	Strip	division	
noted	organic	growth,	while	the	trend	was	negative	for	
Kanthal.
Earnings
	– Adjusted	EBIT	decreased	by	12%	to	SEK	1,191	million	(1,360)	
corresponding	to	a	margin	of	8.4%	(9.3).	The	development	
was	mainly	attributable	to	negative	currency	effects	and	
lower	revenues.
	– Exchange	rates	had	a	negative	impact	of	SEK	178	million -
compared	with	the	corresponding	period	last	year.
	– Depreciation	and	amortization	amounted	to	SEK	-690	million	(-674).
	– Reported	EBIT	amounted	to	SEK	923	million	(1,105),	with	a	
margin	of	6.5%	(7.6).	Metal	price	effects	had	an	impact	of	
SEK	-268	million	(-255).
	– Profit	for	the	period	amounted	to	SEK	683	million	(925),			
corresponding	to	earnings	per	share,	diluted,	of	SEK	2.72	(3.69).
Cash flow and financial position
	– Capital	employed	excluding	cash	increased	to	SEK	16,274	
million	(15,720).	Return	on	capital	employed	excluding	cash	
amounted	to	8.1%	(9.9).
	– Capex	amounted	to	SEK	-745	million	(-602),	corresponding	
to	108%	(89.3)	of	scheduled	depreciation	and	5.3%	(4.1)	of	
revenues.	The	increase	was	mainly	attributable	to	optimiza -
tions	of	production	and	growth	investments.
	– Free	operating	cash	flow	declined	to	SEK	678	million	(1,064).
Stockholm,	October	22,	2025
Alleima AB (publ)
559224-1433
Göran Björkman
President	and	CEO
Alleima	Q3 			
January	1	–	September	30,	2025
11

===== SIDA 12 =====

Auditor's report
Alleima	AB	(publ),	reg.	no.	559224-1433
Introduction
We	have	reviewed	the	condensed	interim	financial	informa -
tion	(interim	report)	of	Alleima	AB	(publ)	as	of	30	September	
2025	and	the	nine-month	period	then	ended.	The	board	of	
directors	and	the	CEO	are	responsible	for	the	preparation	
and	presentation	of	the	interim	financial	information	in	accor -
dance	with	IAS	34	and	the	Swedish	Annual	Accounts	Act.	Our	
responsibility	is	to	express	a	conclusion	on	this	interim	report	
based	on	our	review.
Scope of Review
We	conducted	our	review	in	accordance	with	the	Internatio -
nal	Standard	on	Review	Engagements	ISRE	2410,	Review	of	
Interim	Report	Performed	by	the	Independent	Auditor	of	the	
Entity.	A	review	consists	of	making	inquiries,	primarily	of	per -
sons	responsible	for	financial	and	accounting	matters,	and	
applying	analytical	and	other	review	procedures.	A	review	is	
substantially	less	in	scope	than	an	audit	conducted	in	accor -
dance	with	International	Standards	on	Auditing,	ISA,	and	
other	generally	accepted	auditing	standards	in	Sweden.	The	
procedures	performed	in	a	review	do	not	enable	us	to	obtain	
assurance	that	we	would	become	aware	of	all	significant	
matters	that	might	be	identified	in	an	audit.	Accordingly,	we	
do	not	express	an	audit	opinion.
Conclusion
Based	on	our	review,	nothing	has	come	to	our	attention	that	
causes	us	to	believe	that	the	interim	report	is	not	prepared,	in	
all	material	respects,	in	accordance	with	IAS	34	and	the	
Swedish	Annual	Accounts	Act,	regarding	the	Group,	and	with	
the	Swedish	Annual	Accounts	Act,	regarding	the	Parent	Com -
pany.
Stockholm,	22	October	2025
Öhrlings 	PricewaterhouseCoopers 	AB
Magnus	Svensson 	Henryson
Authorized 	Public	Accountant
Alleima	Q3 			
January	1	–	September	30,	2025
12

===== SIDA 13 =====

About us 
Alleima	is	a	world-leading	developer,	manufacturer,	and	
supplier	of	high	value-added	products	in	advanced	stainless	
steels	and	special	alloys	as	well	as	products	for	industrial	
heating,	operating	with	a	global	footprint.	Based	on	close	and	
long-term	customer 	partnerships, 	Alleima 	advances		
processes	and	applications	in	the	most	demanding	industries	
through	materials	that	are	lightweight,	durable,	 	
corrosion-resistant	and	able	to	withstand	extremely	high	
temperatures	and	pressures.
Through	its	offering	and	in-depth	expertise	in	materials	
technology,	metallurgy	and	industrial	processes,	Alleima	 	
enables	its	customers	to	become	more	efficient,	profitable,	
safe	and	sustainable.
Purpose
We advance industries through materials technology
Our	unique	and	leading	expertise	enables	more	efficient,	
more	profitable	and	more	sustainable	processes,	 	
products	and	applications	for	our	customers.
Values
We evolveWe deliverWe care
Kanthal
Kanthal	is	a	provider	of	products	and	
services	in	the	area	of	industrial	 	
heating	technology	and	resistance	
materials,	and	also	offers	ultra-fine	wire	
in	stainless	steel	for	use	in	 	
medical 	appliances.
Tu be
Tube	develops	and	manufactures	
seamless	tubes	and	other	 	
long	products	in	advanced	stainless	
steels	and	special	alloys.
Strip
Strip	develops	and	manufactures	a	wide	
range	of	precision	strip	steel	products	and	
also	offers	pre-coated	strip	steel.
Business model
The	business	model	is	based	on	
close	customer 	cooperation 	and	
extensive	industry	knowledge	in	
combination	with	materials	and	 	
process	competence	and	a	global	
footprint.	Customer	relationships	are	
often	characterized	by	a	high	degree	
of	technical	collaboration,	including	
identifying	the	customers’	needs	and	
finding	innovative	ways	to	solve	 	
complex	challenges.	Approximately	
80	percent	of	products	are	sold	
directly	through	Alleima's	own	global	
sales	network	and	the	remainder	is	
often	sold	through	distributors.	
Alleima	has	a	fully	integrated	value	
chain,	including	in-house	R&D,	two	
steel	mills	with	melt	shops,	five	extru -
sion	presses	and	several	hot	working,	
cold	working	and	finishing	facilities.
Strategy
The	strategy	is	based	on	four	pillars:	
 – Drive profitable growth	by	capitalizing	
on	global	megatrends	such	as	energy	
transition,	energy	efficiency,	electrifica-
tion	and	medical	growth
 – Continuous focus of R&D activities	and	
digital	innovations	toward	new	business	
opportunities,	defending	and	
strengthening	the	current	business	and	
widening	of	the	material	portfolio
 – Operational and commercial excellence	
through	continuous	improvement,	price	
management,	mix	optimization,	cost	
flexibility,	footprint	optimization	and		
resilience
 – Industry-leading sustainability that	
benefits	the	climate,		increases	circula-
rity	and	supports	general	health	and	
wellbeing,	both	through	product	offe-
ring	as	well	as	operations.
Customer segments  
sales exposure
Revenues	per	customer	segment	is	
based	on	full-year	2024.	Historically,	
these	percentages	 have	not	changed	
substantially	between	the	quarters	
and	the	full	year	figures	of	2024	will	
therefore	give	a	good	approximation.
Revenues per customer segment,  
full year 2024
Oil	&	Gas
Chemical	&	Petrochemical
Industrial
Industrial	heating
Consumer
Medical
Mining	&	Construction
Nuclear
Transportation
Hydrogen	and	Renewable	Energy
Alleima	Q3 			
January	1	–	September	30,	2025
13

===== SIDA 14 =====

The Group | Condensed consolidated income statement
SEK M Note
Q3  
2025
Q3
 2024
Q1-Q3  
2025
Q1-Q3
 2024
Revenues 3 4,222 4,498 14,137 14,597
Cost of goods sold -3,518 -3,637 -11,389 -11,670
Gross profit 704 861 2,748 2,927
Selling expenses -285 -294 -851 -937
Administrative expenses -231 -208 -767 -722
Research and development costs -62 -67 -217 -208
Other operating income 1 59 86 352 317
Other operating expenses 1 -57 -87 -342 -272
Operating profit 4,5 127 290 923 1,105
Financial income 55 40 267 170
Financial expenses -49 -40 -230 -76
Net financial items 6 0 36 95
Profit after net financial items 133 291 960 1,200
Income tax 6 -48 -53 -277 -275
Profit for the period 85 237 683 925
Profit for the period attributable to
 Owners of the parent company 85 237 683 925
 Non-controlling interests - - - -
Earnings per share, SEK
Basic 9 0.34 0.95 2.73 3.69
Diluted 9 0.34 0.95 2.72 3.69
Financial reports summary
The Group | Condensed consolidated comprehensive income
SEK M Note
Q3  
2025
Q3
 2024
Q1-Q3  
2025
Q1-Q3
 2024
Profit for the period 85 237 683 925
Other comprehensive income
Items that will not be reclassified to profit (loss)
Actuarial gains (losses) on defined benefit pension plans 87 -179 118 -81
Tax relating to items that will not be reclassified -18 37 -25 17
Total items that will not be reclassified to profit (loss) 69 -142 93 -64
Items that may be reclassified to profit (loss)
Foreign currency translation differences -36 -146 -603 46
Hedge reserve adjustment 84 198 569 164
Tax relating to items that may be reclassified -17 -41 -117 -34
Total items that may be reclassified to profit (loss) 30 11 -152 176
Total other comprehensive income 99 -131 -59 112
Total comprehensive income 184 106 624 1,037
Total comprehensive income attributable to
 Owners of the parent company 184 106 624 1,037
 Non-controlling interests - - - -
Alleima Q3  
January 1 – September 30, 2025
14

===== SIDA 15 =====

The Group | Condensed consolidated balance sheet
SEK M Note
Sep 30, 
2025
Sep 30, 
2024
Dec 31, 
2024
Goodwill 1,671 1,641 1,693
Other intangible assets 326 303 345
Property, plant and equipment 7,765 7, 291 7,757
Right-of-use assets 423 423 455
Financial assets 7 188 82 92
Deferred tax assets 205 295 228
Non-current assets 10,578 10,035 10,569
Inventories 7,130 7,480 7,407
Current receivables 7 3,448 3,611 3,960
Cash and cash equivalents 1,551 1,781 1,912
Current assets 12,129 12,872 13,279
Total assets 22,707 22,907 23,848
Equity attributable to owners of the parent company 9 16,636 16,130 16,614
Non-controlling interest 0 0 0
Total equity 16,636 16,130 16,614
Non-current interest-bearing liabilities 1,102 1,292 1,212
Non-current non-interest-bearing liabilities 7 893 1,035 911
Non-current liabilities 1,995 2,327 2,123
Current interest-bearing liabilities 132 122 134
Current non-interest-bearing liabilities 7 3,944 4,329 4,977
Current liabilities 4,076 4,451 5,111
Total equity and liabilities 22,707 22,907 23,848
Alleima Q3  
January 1 – September 30, 2025
15

===== SIDA 16 =====

The Group | Condensed consolidated cash flow statement
SEK M Note
Q3 
2025
Q3 
2024
Q1-Q3 
2025
Q1-Q3 
2024
Operating activities
Operating profit 127 290 923 1,105
Adjustments for non-cash items:
  Depreciation, amortization and impairments 230 224 690 674
  Other non-cash items 103 77 55 96
Received and paid interest 35 5 149 31
Income tax paid -90 -122 -385 -392
Cash flow from operating activities before changes in 
working capital 406 474 1,431 1,514
Changes in working capital 147 105 -141 -112
Cash flow from operating activities 553 579 1,290 1,402
Investing activities
Investments in intangible and tangible assets -291 -251 -785 -605
Proceeds from sale of intangible and tangible assets 2 1 40 3
Acquisition and sale of shares and participations 10 -15 - -147 -
Other investments and financial assets, net 1 0 1 0
Cash flow from investing activities -303 -250 -891 -602
Financing activities
Repayments of loans -1 -1 -3 -3
Amortization of lease liabilities -33 -36 -104 -98
Equity swap 9 - - -2 -20
Dividends paid 9 - - -575 -501
Cash flow from financing activities -34 -36 -683 -622
Net change in cash and cash equivalents 215 293 -284 178
Cash and cash equivalents at beginning of period 1,330 1,499 1,912 1,595
Exchange rate differences in cash and cash equivalents 6 -11 -77 7
Cash and cash equivalents at end of the period 1,551 1,781 1,551 1,781
Alleima Q3  
January 1 – September 30, 2025
16

===== SIDA 17 =====

The Group | Condensed consolidated statements of changes in equity
SEK M Note
Equity 
 attributable 
to owners of 
the parent 
company
Non- 
controlling 
interest
Tota l  
equity
Equity at January 1, 2024 15,732 0 15,732
Changes
Net profit 925 - 925
Other comprehensive income for the period, net of tax 112 - 112
Total comprehensive income for the period 1,037 - 1,037
Cash flow hedge, transferred to cost of hedged item -154 - -154
Tax on cash flow hedge, transferred to cost 32 - 32
Net cash flow hedge, transferred to cost -122 - -122
Shared-based payments 9 4 - 4
Equity swap -20 - -20
Dividends -501 - -501
Total transactions with owners -517 - -517
Equity at September 30, 2024 16,130 0 16,130
Changes
Net profit 296 - 296
Other comprehensive income for the period, net of tax 194 - 194
Total comprehensive income for the period 491 - 491
Cash flow hedge, transferred to cost of hedged item -11 - -11
Tax on cash flow hedge, transferred to cost 2 - 2
Net cash flow hedge, transferred to cost -9 - -9
Shared-based payments 9 2 - 2
Total transactions with owners 2 - 2
Equity at December 31, 2024 16,614 0 16,614
Changes
Net profit 683 - 683
Other comprehensive income for the period, net of tax -59 - -59
Total comprehensive income for the period 624 - 624
Cash flow hedge, transferred to cost of hedged item -36 - -36
Tax on cash flow hedge, transferred to cost 7 - 7
Net cash flow hedge, transferred to cost -29 - -29
Shared-based payments 9 4 - 4
Equity swap 9 -2 - -2
Dividends 9 -575 - -575
Total transactions with owners -573 - -573
Equity at September 30, 2025 16,636 0 16,636
Alleima Q3  
January 1 – September 30, 2025
17

===== SIDA 18 =====

The Parent Company | Condensed income statement
SEK M Note
Q3 
2025
Q3 
2024
Q1-Q3 
2025
Q1-Q3 
2024
Revenues 9 7 27 20 
Gross profit 9 7 27 20 
Administrative expenses -18 -17 -65 -56 
Other operating income 0 0 2 0
Other operating expenses 0 1 0 0 
Operating loss -9 -9 -36 -36 
Dividend from group companies 0 1,076 740 1,076 
Interest revenue and similar income 7 9 25 28 
Interest expense and similar costs 0 0 0 -1 
Profit/loss after financial items -2 1,076 729 1,067 
Appropriations 0 6 0 6
Income tax 6 -1 8 1 
Profit/loss for the period 3 1,081 736 1,074 
The Parent Company | Condensed balance sheet
SEK M Note
Sep 30, 
2025
Sep 30, 
2024
Dec 31, 
2024
Financial assets 11,907 11,907 11,907
Deferred tax assets 13 3 5
Non-current assets 11,920 11,910 11,912
Current receivables 2,256 2,135 2,136
Current assets 2,256 2,135 2,136
Total assets 14,175 14,045 14,048
Restricted equity 251 251 251
Unrestricted equity 9 13,900 13,745 13,737
Total equity 14,150 13,996 13,987
Non-current interest-bearing liabilities 3 2 2
Non-current non-interest-bearing liabilities 2 14 14
Non-current liabilities 5 16 17
Current non-interest-bearing liabilities 20 33 44
Current liabilities 20 33 44
Total equity and liabilities 14,175 14,045 14,048
Alleima Q3  
January 1 – September 30, 2025
18

===== SIDA 19 =====

Notes
Note 1 | Basis of preparation
The financial statements of the Group were prepared in accordance with 
International Financial Reporting Standards (IFRS) as adopted by the EU. This 
interim report for the Group was prepared in accordance with IAS 34 Interim 
Financial Reporting as issued by the International Accounting Standards 
Board (IASB) and the Swedish Annual Accounts Act, and for the parent com -
pany in accordance with the Swedish Annual Accounts Act and RFR 2 
Reporting for legal entities and other statements issued by the Swedish 
Financial Reporting Board. The accounting principles and computation 
methods applied in the preparation of this interim report are the same as 
those applied in the Annual Report 2024 as amended below. All amounts are in 
million SEK (SEK M) unless otherwise stated. Roundings may occur.
The interim information on pages 1–30 is an integrated part of these finan -
cial statements. 
Changes in IFRS standards  
IASB has published amendments of standards that are effective as of January 
1, 2025 or later. The standards have not had any material impact on the finan -
cial reports. 
Adjustment of reporting of sold services  
Other operating income and other operating expenses have been adjusted in 
order to recognize certain of Alleima's contractual services gross. These ser -
vices mainly relate to facility management, electricity and warehouse servi -
ces, which are not part of Alleima's core business. Previously, these services 
were accounted for through netting of income and expenses. Comparative 
periods have been restated, resulting in an increase in both other operating 
income and other operating expenses of SEK 300 million for the full year 2024. 
The adjustment has no impact on operating profit (EBIT). The adjustments for 
the quarters and full year 2024 are presented below.
SEK M Reported Restatement Restated 
Q1 2024
Other operating income 82 73 155
Other operating expenses -51 -73 -125
Q2 2024
Other operating income 32 81 113
Other operating expenses -17 -81 -98
Q3 2024
Other operating income 23 63 86
Other operating expenses -24 -63 -87
Q4 2024
Other operating income 52 83 135
Other operating expenses -32 -83 -115
Full year 2024
Other operating income 140 300 440
Other operating expenses -76 -300 -376
 
 
References  
For more information concerning:
– Group summary, refer to page 1
– Significant events, refer to page 10 
Note 2 | Risks and uncertainties
As an international group with a wide geographical spread, Alleima is exposed 
to several strategic, business and financial risks. Strategic risk at Alleima is 
defined as emerging risks affecting the business long-term, such as industry 
shifts, technological shifts, and macroeconomic developments. The business 
risks can be divided into operational, sustainability, compliance, legal and 
commercial risks. The financial risks include currency risks, interest rate risk, 
price risk, tax risks and more. These risk areas can all impact the business 
negatively both long and short-term but often also create business opportuni -
ties if managed well. Risk management at Alleima begins with an assessment 
in operational management teams where the material risks to their operations 
are first identified, followed by an evaluation of the probability of the risks 
occurring and their potential impact on the Group. Once the key risks have 
been identified and evaluated, risk mitigating activities to eliminate or reduce 
the risks are agreed on. For a more detailed description of Alleima's analysis of 
risks and risk universe, see the Annual Report 2024.
Import tariffs to the US
Alleima has both direct sales to, and manufacturing in, the United States and is 
affected both directly and indirectly by potential import tariffs. As uncertainty 
remains regarding how the tariff issue will evolve, it is difficult to predict the 
future impact on Alleima’s earnings and financial position. So far, Alleima 
assesses that the impact has been earnings-neutral.
Alleima Q3  
January 1 – September 30, 2025
19

===== SIDA 20 =====

Order intake by division and region
SEK M Note
R12 
Q3 2025
R12 
Q3 2024
Organic 
%
Tube
Europe 6,696 7,978 -13
North America 3,219 3,047 9
Asia 2,114 2,267 0
Other 763 940 -15
Tota l 12,793 14,232 -6
Kanthal
Europe 1,223 1,187 3
North America 1,601 1,443 18
Asia 1,071 1,090 3
Other 267 265 6
Tota l 4,162 3,986 9
Strip
Europe 695 637 12
North America 133 111 28
Asia 829 663 29
Other 53 17 225
Tota l 1,710 1,428 24
GROUP
Europe 8,615 9,802 -9
North America 4,953 4,601 13
Asia 4,014 4,021 6
Other 1,084 1,222 -7
Tota l 18,665 19,646 -1
Note 3 | Order intake by division and region
Alleima Q3  
January 1 – September 30, 2025
20

===== SIDA 21 =====

Revenues by division and region
SEK M Note
Q3 
2025
Q3 
2024
Organic 
%
Q1-Q3 
2025
Q1-Q3 
2024
Organic 
%
Tube
Europe 1,427 1,586 -6 5,084 5,853 -10
North America 582 740 -16 2,192 2,072 10
Asia 632 532 31 1,963 1,663 27
Other 171 219 -19 736 726 5
Tota l 2,812 3,077 -3 9,974 10,314 1
Kanthal
Europe 292 274 4 912 935 -5
North America 401 371 21 1,143 1,140 8
Asia 278 327 -6 758 933 -13
Other 72 76 4 203 193 11
Tota l 1,042 1,049 7 3,015 3,201 -2
Strip
Europe 150 151 1 483 461 7
North America 37 31 30 102 83 31
Asia 168 188 -2 520 520 6
Other 13 2 583 43 19 136
Tota l 368 372 5 1,147 1,083 10
GROUP
Europe 1,869 2,011 -4 6,478 7, 249 -8
North America 1,019 1,143 -3 3,436 3,295 10
Asia 1,078 1,047 13 3,240 3,116 11
Other 256 297 -9 982 938 9
Tota l 4,222 4,498 0 14,136 14,597 1
Alleima Q3  
January 1 – September 30, 2025
21

===== SIDA 22 =====

Note 4 | Segment information 
Alleima has three reportable operating segments, Tube, Kanthal and Strip. Items not included in the operating segments, mainly related to 
Group staff functions typically to run the Group or items Alleima considers to be centrally decided, are presented as Common functions.  
 
Note
Q1-Q3
2025
Q1-Q3
2024
Full 
year
2024
Q3
2025
Q2
2025
Q1
2025
Q4
2024
Q3
2024
Q2
2024
Q1
2024
Order intake, rolling 12 
months, SEK M 1
Tube - - 13,677 12,793 13,082 14,095 13,677 14,232 14,552 14,954
Kanthal - - 4,077 4,162 4,088 4,108 4,077 3,986 4,196 4,064
Strip - - 1,665 1,710 1,741 1,759 1,665 1,428 1,386 1,344
Tota l2 - - 19,419 18,665 18,911 19,962 19,419 19,646 20,135 20,362
Revenues, SEK M
Tube 9,974 10,314 14,027 2,812 3,413 3,750 3,713 3,077 3,890 3,347
Kanthal 3,015 3,201 4,200 1,042 956 1,017 999 1,049 1,082 1,069
Strip 1,147 1,083 1,465 368 396 383 382 372 387 324
Tota l2 14,136 14,597 19,691 4,222 4,765 5,150 5,094 4,498 5,359 4,740
Adjusted EBIT, SEK M
Tube 898 965 1,422 101 382 416 457 202 454 308
Kanthal 496 569 750 168 160 169 181 174 198 197
Strip 21 42 66 -16 10 27 23 -7 39 10
Common functions -224 -217 -294 -56 -98 -71 -77 -55 -99 -63
Tota l2 1,191 1,360 1,944 197 454 540 584 314 592 453
Adjusted EBIT margin, %
Tube 9.0 9.4 10.1 3.6 11.2 11.1 12.3 6.6 11.7 9.2
Kanthal 16.5 17.8 17.9 16.1 16.7 16.6 18.1 16.6 18.3 18.5
Strip 1.8 3.9 4.5 -4.2 2.4 6.9 6.1 -1.9 10.2 3.1
Common functions N/M N/M N/M N/M N/M N/M N/M N/M N/M N/M
Tota l2 8.4 9.3 9.9 4.7 9.5 10.5 11.5 7.0 11.1 9.6
 EBIT, SEK M
Tube 681 757 1,044 53 225 403 287 179 544 34
Kanthal 463 524 691 152 151 159 167 168 202 153
Strip 4 41 56 -22 4 22 15 -2 42 1
Common functions -224 -217 -294 -56 -98 -71 -77 -55 -99 -63
Tota l2 923 1,105 1,498 127 282 513 393 290 689 126
1) Order intake for the quarter refers to the rolling 12 months period.  
2) Internal transactions had negligible effect on division profits.
Alleima Q3  
January 1 – September 30, 2025
22

===== SIDA 23 =====

Note 5 | Adjustment items on EBIT
SEK M
Q1-Q3 
2025
Q1-Q3 
2024
Full year
2024
Q3 
2025
Q2 
2025
Q1 
2025
Q4 
2024
Q3 
2024
Q2 
2024
Q1 
2024
EBIT
Items affecting comparability
Tube 0 0 0 0 0 0 0 0 0 0
Kanthal 0 0 0 0 0 0 0 0 0 0
Strip 0 0 0 0 0 0 0 0 0 0
Common functions 0 0 0 0 0 0 0 0 0 0
Tota l 0 0 0 0 0 0 0 0 0 0
Metal price effect
Tube -217 -208 -378 -48 -157 -13 -170 -23 90 -274
Kanthal -34 -45 -59 -16 -9 -9 -14 -5 4 -44
Strip -16 -2 -9 -7 -5 -4 -8 5 2 -9
Tota l -268 -255 -446 -70 -171 -27 -191 -24 96 -328
Total adjustment items EBIT
Tube -217 -208 -378 -48 -157 -13 -170 -23 90 -274
Kanthal -34 -45 -59 -16 -9 -9 -14 -5 4 -44
Strip -16 -2 -9 -7 -5 -4 -8 5 2 -9
Common functions 0 0 0 0 0 0 0 0 0 0
Tota l -268 -255 -446 -70 -171 -27 -191 -24 96 -328
Note 6 | Taxes
SEK M Q3 2025 Q3 2024 Q1-Q3 2025 Q1-Q3 2024
Reported tax -48 36.0% -53 18.4% -277 28.8% -275 22.9%
Tax on adjustment items (note 5) -15 -21.0% -5 -19.6% -56 -21.0% -54 -21.4%
Tax excluding adjustment items -63 30.8% -58 18.5% -333 27.1% -329 22.7%
Adjustment for one time items 
taxes 10 -5.0% -15 5.1% 37 -3.0% -15 1.2%
Normalized tax rate -53 25.8% -73 23.1% -296 24.1% -344 23.7%
 
 
 
 
Note 7 | Financial assets and liabilities
 
Financial instruments - fair values
In order to mitigate financial risks, the Group has entered into financial instru -
ments such as currency-, commodity-, electricity- and gas derivatives. All 
derivatives belong to Level 2 in the fair value hierarchy, i.e. observable inputs 
have been used in deriving the fair values. Fair values, which equals carrying 
amounts, of outstanding derivatives amounted at each reporting period to the 
amounts below.
SEK M
Sep 30, 
2025
Sep 30, 
2024
Dec 31, 
2024
Financial assets derivatives 389 132 54
Financial liabilities derivatives 122 219 400
The carrying amounts for other financial assets and liabilities are considered 
to represent a good approximation of the fair values due to the short dura -
tions.
Note 8 | Related party transactions
The Group companies have related party relationships with their subsidiaries. 
All related party transactions are based on market terms and negotiated on an 
arm's length basis. For outstanding share right programs refer to Note 9. Other 
remunerations to senior executives for Alleima are presented in the Annual 
Report 2024 in Note 3.
Alleima Q3  
January 1 – September 30, 2025
23

===== SIDA 24 =====

Note 9 | Equity, number of shares and incentive pro-
grams
Number of shares
Sep 30, 
2025
Dec 31, 
2024
Total number of shares 250,877,184 250,877,184
Number of shares in equity swap (LTI) -720,006 -702,053
Number of outstanding shares 250,157,178 250,175,131
Number of outstanding shares, weighted 
average 250,166,154 250,291,704
Number of shares after dilution 250,836,665 250,862,889
Number of shares after dilution, weighted 
average 250,859,907 250,866,966
 
Outstanding share right programs
Alleima's Annual General Meeting held on April 28, 2025 approved the Board’s 
proposal for a long-term share-based incentive program for 30 senior executi -
ves and key employees in the Group (LTI 2025). Participation requires an invest -
ment in Alleima shares. Each acquired Alleima share entitles the participant to be 
allotted, after a period of three years, a certain number of Alleima shares free 
of charge, provided that certain performance targets with respect to earnings 
per share and reduction of carbon dioxide (CO2) are met. As of September 30, 
2025, LTI 2025 comprises 277,609 share rights. The delivery of these shares is 
secured through an equity swap agreement with a third party. Total costs before 
tax for outstanding rights in the incentive program are expensed over the 
three-year vesting period. These costs are expected to amount to SEK 16 million, 
of which social security costs amount to SEK 4  million. 
Information regarding Alleima's long-term share-based incentive program 
2023-2024 (LTI 2023 and LTI 2024), such as the objective, conditions and 
requirements, is presented in Note 3 in the Annual Report for 2024.  As of Sep -
tember 30, 2025, LTI 2023 and LTI 2024 comprises 317,695 and 256,417 share 
rights respectively (LTI 2023: 380,901, LTI 2024 306,857).
During the nine first months of 2025, the total pre-tax cost for the LTI pro -
grams amounted to SEK 5 (6) million. 
 
Dividend
The Annual General Meeting held on April 28, 2025, resolved for the financial 
year 2024 on an ordinary dividend of SEK 2.30 per share. The dividend of SEK 
577 million was distributed to the shareholders on May 6, 2025, of which SEK 2 
million was repaid to Alleima in form of dividend related to the equity swap for 
LTI 2023 and LTI 2024.
Not 10 | Business combinations
The acquisitions of business combinations executed during current and previous year are set out on the table below. Annual revenue and number of employees 
reflect the situation at the date of the respective transaction.  
 
Division/Cash 
Generating Unit Company Country Acquisition date Annual revenue No. of employees
Kanthal
Endox Feinwerktechnik GmbH & 
Endox Polska SP.zo.o.
(“Endox”)
Germany/
Poland January 10, 2025 SEK 65 M in 2023 90
 
On 10 January 2025, Alleima acquired Endox Feinwerktechnik GmbH and 
Endox Polska SP.zo.o. ("Endox"). Endox strengthens the company's medical 
technology business. The impact on Alleima's revenue and profit for the first 
to third quarter of 2025 was SEK 51 and SEK 6  million respectively. The impact 
on Alleima's earnings per share is expected to be somewhat positive. Acquisi -
tion was carried out through the acquisition of 100% of the shares, as well as 
the voting rights. Alleima gained control of the business on the transaction 
date. No equity instruments have been issued in connection with the acquisi -
tion. The acquisition has been reported according to the acquisition method 
and SEK 6 million in acquisition costs were reported in the first quarter. Good -
will from the acquisitions is not deductible for tax purposes .
Assets, liabilities and contingent liabilities included in the acquired opera -
tions are stated below. The valuations of acquired assets and assumed liabi -
lities are still preliminary.  
SEK M Endox
Intangible assets 24
Property, plant and equipment 51
Right of use assets 3
Inventories 14
Receivables 6
Cash and cash equivalents 34
Other liabilities and provisions -36
Deferred tax liabilities -7
Net identifiable assets and liabilities 90
Goodwill 92
Purchase consideration 181
Less: cash and cash equivalents in acquired compa -
nies -34
Net cash outflow (+) 147
Alleima Q3  
January 1 – September 30, 2025
24

===== SIDA 25 =====

Key ratios
Q3 
2025
Q3 
2024
Q1-Q3 
2025
Q1-Q3 
2024
Full year 
2024
Full year 
2023
Full year 
2022
Full year 
2021
Adjusted EBITDA, SEK M 427 538 1,881 2,034 2,856 3,056 2,540 1,811
Adjusted EBITDA margin, % 10.1 12.0 13.3 13.9 14.5 14.8 13.8 13.1
Adjusted EBIT, SEK M 197 314 1,191 1,360 1,944 2,141 1,681 1,055
Adjusted EBIT margin, % 4.7 7.0 8.4 9.3 9.9 10.4 9.1 7.6
Operating profit (EBIT), SEK M 127 290 923 1,105 1,498 2,046 2,122 1,379
Operating profit (EBIT) margin, % 3.0 6.5 6.5 7.6 7.6 9.9 11.5 10.0
Normalized tax rate, % (Note 6) 25.8 23.1 24.1 23.7 23.9 24.2 24.3 24.9
Net working capital to revenues, %  1 39.5 38.8 35.4 35.5 35.1 34.3 32.8 31.2
Return on capital employed, % 2 7.6 9.3 7.6 9.3 8.9 12.2 13.2 10.4
Return on capital employed excluding cash, % 2 8.1 9.9 8.1 9.9 9.5 12.9 14.2 11.0
Net debt/Adjusted EBITDA ratio -0.13 -0.14 -0.13 -0.14 -0.22 -0.08 0.01 0.73
Net debt/Equity ratio -0.02 -0.03 -0.02 -0.03 -0.04 -0.02 0.00 0.11
Free operating cash flow, SEK M 285 411 678 1,064 1,266 1,688 505 1,046
Adjusted earnings per share, diluted, SEK 0.56 1.02 3.56 4.49 6.27 6.56 3.36 3.82
Earnings per share adjusted for metalprice effects, diluted, 
SEK 0.56 1.02 3.56 4.49 6.27 6.56 2.55 3.27
Average number of shares, diluted, at the end of the period 
(millions) (Note 9) 250.857 250.870 250.860 250.868 250.867 250.876 250.877 250.877
Number of shares at the end of the period (millions) (Note 9) 250.157 250.175 250.157 250.175 250.175 250.467 250.877 250.877
Number of employees  3 6,409 6,299 6,409 6,299 6,309 6,110 5,886 5,465
Number of consultants  3 456 512 456 512 516 596 612 413
1) Quarter is quarterly annualized and the annual number is based on a four quarter average. 
2) Based on rolling 12 months operating profit, in percentage of  a four-quarter average capital employed (including respectively excluding cash). 
3) Full-time equivalent.  
Alleima Q3  
January 1 – September 30, 2025
25

===== SIDA 26 =====

Alternative Performance Measures
This interim report contains certain alternative performance 
measures that are not defined by IFRS. These measures are 
included as they are considered to be important perfor -
mance indicators of the operating performance and liquidity 
of Alleima. They should not be considered a substitute for 
Alleima’s financial statements prepared in accordance with 
IFRS. Alleima’s definitions of these measures are described 
below, and as other companies may calculate non IFRS mea -
sures differently, these measures are therefore not always 
comparable to similar measures used by other companies.
Organic order intake and revenue growth
Change in order intake and revenues after adjustments for 
exchange rate effects and structural changes such as divest -
ments and acquisitions and alloy surcharges. Organic growth 
is used to analyze the underlying sales performance in the 
Group, as most of its revenues are in currencies other than in 
the reporting currency (i.e. SEK, Swedish Krona). Alloy sur -
charges are used as an instrument to pass on changes in 
alloy costs along the value chain and the effects from alloy 
surcharges may fluctuate over time.
Adjusted operating profit (EBIT)
SEK M
Q1-Q3  
2025
Q1-Q3  
2024
Full 
y e a r   
2024
Q 3   
2025
Q 2   
2025
Q 1   
2025
Q 4   
2024
Q 3   
2024
Q 2   
2024
Q 1   
2024
Operating profit/loss 923 1,105 1,498 127 282 513 393 290 689 126
Reversal (Note 5):
Items affecting comparability 0 0 0 0 0 0 0 0 0 0
Metal price effect 268 255 446 70 171 27 191 24 -96 328
Impairments 0 0 0 0 0 0 0 0 0 0
Adjusted operating profit (EBIT) 1,191 1,360 1,944 197 454 540 584 314 592 453
Revenues 14,136 14,597 19,691 4,222 4,765 5,150 5,094 4,498 5,359 4,740
Adjusted operating profit (EBIT) margin, 
% 8.4 9.3 9.9 4.7 9.5 10.5 11.5 7.0 11.1 9.6
Adjusted operating profit (EBIT)
Alleima considers Adjusted operating profit (EBIT) and the 
related margin to be relevant measures to present profitabi -
lity of the underlying business excluding metal price effects 
and items affecting comparability (IAC).
Metal price effect is the difference between sales price and 
purchase price on metal content used in the production of 
products. Metal price effect on operating profit in a particular 
period arises from changes in alloy prices arising from the 
timing difference between the purchase, as included in cost 
of goods sold, and the sale of an alloy, as included in 
revenues, when alloy surcharges are applied. IAC includes 
capital gains and losses from divestments and larger res -
tructuring initiatives, impairments, capital gains and losses 
from divestments of financial assets as well as other material 
items having a significant impact on the comparability.
Adjusted operating profit (EBIT) and margin:  Operating profit 
(EBIT) excluding items affecting comparability and metal price 
effects. Margin is expressed as a percentage of revenues.
Alleima Q3  
January 1 – September 30, 2025
26

===== SIDA 27 =====

Adjusted profit for the period and adjusted earnings per share, diluted
SEK M
Q 1 - Q 3     
2025
Q1-Q3 
2024
Full year 
2024
Q 3      
2025
Q 2      
2025
Q 1      
2025
Q 4      
2024
Q 3      
2024
Q 2      
2024
Q 1      
2024
Profit/loss for the period 683 925 1,221 85 204 394 297 237 636 51
Reversal:
Adjustment items EBIT (Note 5) 268 255 446 70 171 27 191 24 -96 328
Tax on adjustment items (Note 
6) -56 -54 -94 -15 -35 -6 -40 -5 19 -69
Adjusted profit for the period 894 1,125 1,573 141 340 414 448 256 559 310
Attributable to
Owners of the parent com -
pany 894 1,125 1,573 141 340 414 448 256 559 310
Non-controlling interests - - - - - - - - - -
Average number of shares, dil -
uted, at the end of the period 
(millions) 250.860 250.868 250.867 250.857 250.870 250.863 250.863 250.870 250.869 250.866
Adjusted earnings per share, 
diluted, SEK 3.56 4.49 6.27 0.56 1.35 1.65 1.79 1.02 2.23 1.24
Adjusted earnings per share, diluted
Alleima considers Adjusted earnings per share (EPS), diluted 
to be relevant to understand the underlying performance, 
which excludes items affecting comparability and metal price 
effects between periods. 
Adjusted EPS, diluted:  Profit/loss, adjusted for items affecting 
comparability and metal price effects, attributable to equity 
holders of the Parent Company divided by the weighted aver -
age number of shares, diluted,  outstanding during the 
period.
Alleima Q3  
January 1 – September 30, 2025
27

===== SIDA 28 =====

Net working capital (NWC) in relation to revenues and 
return on capital employed (ROCE)
Alleima considers NWC in relation to revenues for the 
quarter relevant as a measure of both the Group’s effi -
ciency and its short-term financial health.
Net working capital (NWC): Total of inventories, trade recei -
vables, account payables and other current non-inte -
rest-bearing receivables and liabilities, including those 
classified as liabilities and assets held for sale, but exclu -
ding tax assets and liabilities and provisions.  
Net working capital (NWC) in relation to revenues : Quarter 
is quarterly annualized and year-to-date numbers are 
based on a four-quarter average.
Alleima considers ROCE to be useful for the readers of its 
financial reports as a complement in assessing the possibility 
of implementing strategic investments and considering the 
Group’s ability to meet its financial commitments.  
In addition, it is useful to also follow ROCE excluding cash, as 
it is focused on the operating capital employed.
Capital employed:  Total assets less non-interest-bearing lia -
bilities (including deferred tax liabilities).
ROCE: Rolling 12 months' operating profit/loss plus financial 
income (excl. derivatives), as a percentage of a four-quarter 
average capital employed.
ROCE excluding cash:  Rolling 12 months' operating profit/loss, 
as a percentage of a four-quarter average capital employed 
excluding cash and cash equivalents.
SEK M
Q3 
2025
Q3 
2024
Sep 30, 
2025
Sep 30, 
2024
Dec 31, 
2024
Inventories 7,130 7,480 7,130 7,480 7,407
Trade receivables 2,480 2,685 2,480 2,685 2,911
Account payables -1,730 -1,944 -1,730 -1,944 -2,249
Other receivables 598 684 598 684 859
Other liabilities -1,936 -2,019 -1,936 -2,019 -2,107
Net working capital 6,541 6,884 6,541 6,884 6,821
Average net working capital 6,670 6,989 6,799 6,967 6,909
Revenues annualized 16,888 17,992 19,230 19,635 19,691
Net working capital to revenues, % 39.5 38.8 35.4 35.5 35.1
Tangible assets 7,765 7, 291 7,757
Intangible assets 1,997 1,944 2,037
Cash and cash equivalents 1,551 1,781 1,912
Other assets 11,350 11,848 12,077
Other liabilities -4,837 -5,364 -5,888
Capital employed 17,826 17,501 17,895
Average capital employed 17,815 17, 207 17,407
Operating profit rolling 12 months 1,316 1,548 1,498
Financial income, excl. derivatives, rolling 12 
months 41 53 57
Total return rolling 12 months 1,357 1,601 1,554
Return on capital employed (ROCE), % 7.6 9.3 8.9
Average capital employed excl. cash 16,149 15,640 15,707
Return on capital employed excl. cash, % 8.1 9.9 9.5
Alleima Q3  
January 1 – September 30, 2025
28

===== SIDA 29 =====

Free operating cash flow (FOCF)
Alleima considers free operating cash flow (FOCF) to be use -
ful for providing an indication of the funds the operations 
generate to be able to implement strategic investments, 
make amortizations and pay dividends to the shareholders.
Free operating cash flow (FOCF):  Operating profit (EBIT) 
excluding depreciations and amortizations (EBITDA), adjusted 
for non-cash items plus the change in net working capital 
minus investments and disposals of tangible and intangible 
assets and plus the amortization of lease liabilities. 
Net debt to Equity and Net debt to Adjusted EBITDA 
Alleima considers both Net debt to Equity and Net debt to 
Adjusted EBITDA to be useful for the readers of its financial 
reports as a complement for assessing the possibility of divi -
dends, implementing strategic investments and considering 
Net debt to Equity and Net debt to Adjusted EBITDA
SEK M
Sep 30,
2025
Sep 30,
2024
Dec 31,
2024
Interest-bearing non-current liabilities 1,102 1,292 1,212
Interest-bearing current liabilities 132 122 134
Prepayment of pensions -44 -42 -65
Cash & cash equivalents -1,551 -1,781 -1,912
Net debt -362 -410 -631
Net pension liability -735 -938 -820
Leasing liabilities -433 -431 -460
Financial net debt -1,530 -1,779 -1,911
Adjusted EBITDA accumulated current year 1,881 2,034 2,856
Adjusted EBITDA previous year 823 823 -
Adjusted EBITDA rolling 12 months 2,703 2,857 2,856
Total equity 16,636 16,130 16,614
Net debt/Equity ratio -0.02 -0.03 -0.04
Net debt/Adjusted EBITDA ratio (multiple) -0.13 -0.14 -0.22
the Group’s ability to meet its financial commitments. Net 
debt to Equity ratio is included in Alleima's financial targets.
Net debt: Interest-bearing current and non-current liabilities, 
including net pension liabilities and leases, less cash and 
cash equivalents.
Adjusted EBITDA:  Operating profit (EBIT) before depreciation 
and amortizations, adjusted for metal price effects and items 
affecting comparability.
Financial net debt 
Alleima considers financial net debt to be a useful indicator of 
the business’s ability to pay off all debt, excluding pension lia -
bilities and lease liabilities, at a certain point in time.
Financial net debt:  Net debt, excluding net pension and lease 
liabilities.
Alleima Q3  
January 1 – September 30, 2025
29

===== SIDA 30 =====

Shareholder information
Disclaimer statement
Some statements herein are forward-looking and the 
actual outcome could be materially different. In addi -
tion to the factors explicitly commented upon, the 
actual outcome could be materially affected by other 
factors, for example the effect of economic condi -
tions, exchange-rate and interest-rate movements, 
political risks, impact of competing products and their 
pricing, product development, commercialization and 
technological difficulties, supply disturbances, and 
major customer credit losses.
This report is published in Swedish and English. The 
Swedish version shall prevail in any instance where the 
two versions differ.
Annual General Meeting
The Board of Directors has decided that the 2026
Annual General Meeting will be held in Sandviken,
Sweden on April 29, 2026. The notice to convene the
Annual General Meeting will be made in the prescribed
manner.
Financial calendar
Capital Markets Day, Stockholm    November 5, 2025
Q4 interim report January - December 2025  January 27, 2026
Q1 interim report January - March 2026   April 27, 2026
Annual General Meeting, Sandviken    April 29, 2026  
Q2 interim report January - June 2026   July 17, 2026 
Q3 interim report January - September 2026  October 26, 2026
Follow us: 
This information is information that Alleima AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency of the contact person set out above, at 11.30 AM CET on October 22, 2025.
Alleima AB (publ), corporate registration no. 559224-1433 
Postal address: SE-811 81 Sandviken, Sweden
Visiting address: Storgatan 2, Sandviken, Sweden  
Telephone: +46 26 426 00 00
For further information, please contact:
Andreas Eriksson, Investor Relations Officer
+46 70 542 86 01 or andreas.eriksson@alleima.com
Conference call and webcast:
A conference call will be held on October 22, 2025  
at 1 PM CEST. 
Presentation for download and webcast link: 
https://www.alleima.com/en/investors/
Dial-in details for the conference call:
Participants in Sweden: +46 (0)8 5051 0031
Participants in the UK: +44 (0) 207 107 06 13
Participants in the US: +1 (1) 631 570 56 13
Alleima Q3  
January 1 – September 30, 2025
30